The Australian dollar dipped below 79 US cents on Friday despite stronger-than-expected housing finance data as market sentiment soured after repeated failures to breach 80 cents. The Aussie recovered to $0.7898/7901 compared with $0.7957/62 late here on Thursday and having fallen as low as $0.7872. With the market looking for clues about the direction of interest rates next month, the latest housing finance data will be seen as tipping to tighter monetary policy as the central bank has warned about high levels of household debt.
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